In a January 19^th statement, Barco said that although their original goal for 2009 was to cut €30 million (Euros), they have decided that’s not enough due to their view of the economy, so they have decided to cut an additional €6 million.  The statement also said that reducing working capital has been indicated by Barco as a key priority. In 2008, working capital was reduced with around €40 million, supporting a reduction in net debt to about €30 million from €53 million at the end of 2007.

The Board of Directors will submit to the Annual Shareholders Meeting not to pay out a dividend over 2008.

Just a side note:  Has anyone thought to mention to Barco that the economy isn’t the only reason they are seeing a decline?  They are definitely one of the leaders in LED and have a great position there — assuming they remember to keep marketing LED, but their presentation projector line is severely behind the rest of the market — that might be a reason sales aren’t up to par.  Hey Barco, build better projectors and they will still come…